Raiden Resources (ASX: RDN) Executes on Multiple Drilling Programs and Secures Funding Boost

Highlights

• Raiden completed maiden drilling at Andover South with 7,041m drilled.
• A significant pegmatite zone (>250m wide) was uncovered in Target Area 7 at Andover South.
• The Mt Sholl Cu-Ni-PGE drilling program was completed, with results expected in February 2025.
• Aircore drilling at the Arrow project was concluded, with 79 holes drilled totaling 3,007m, with results expected in February 2025.
• Vuzel gold project drilling campaign in permitting stages and planned for Q1 2025
• The company raised AU$ 10 million through a placement and has AU$16.38mn in cash

Raiden Resources Limited (ASX:RDN) made significant progress during the December 2024 quarter, advancing key exploration projects and securing financial backing.

The company completed its maiden drilling program at the Andover South Project with 7,041m drilled and identifying significant Li₂O mineralisation. At the Mt Sholl Ni-Cu-PGE Project, drilling preparations were finalised after securing all regulatory approvals, with First Quantum Minerals financing the work. The Arrow Gold Project also saw the completion of a 79-hole, 3,007m aircore drilling program. Additionally, the company raised AU$10 million, boosting its cash position to ~AU$16.38 million for continued exploration.

 Promising Lithium Results at Andover South

Raiden Resources reported significant outcomes from its maiden drilling program at the lithium-bearing pegmatite targets at the Andover South project. The initial focus was on Target Areas 1 and 2, with additional drilling in Target Area 3 and Target Area 7. Notably, the program uncovered a significant pegmatite zone (>250 meters wide) in Target Area 7, along with lithium oxide (Li₂O) mineralised pegmatite intercepts in Target Areas 1 and 2. Further work is being planned on the project.

Update on Mt Sholl Cu-Ni-PGE project

Raiden received all regulatory approvals to commence drilling at the Mt Sholl Cu-Ni-PGE project. The final heritage report for the Mt Sholl Project from the Ngarluma Aboriginal Corporation (NAC) confirmed no cultural heritage issues would impact the planned drilling. The Program of Works (PoW) was also approved.

First Quantum Minerals completed a 10-hole RC drilling program, totaling 2,467m. The program aimed to test new targets and extensions of the mineral resource. Drilling was managed and financed by First Quantum under the MOU, with results expected in February 2025.

Aircore Drilling Completed at Arrow Project  

Following the necessary regulatory and heritage survey approvals, a 79-hole, 3,007m aircore drilling program was completed on the project by mid-November 2024. Mallina Co Pty Ltd, the company’s joint venture partner, funded and managed the program. The results are expected in February 2025.

The objective of the AC drilling program was to evaluate Hemi-style orogenic gold targets previously identified by Raiden on tenement E47/3476.

Vuzel Gold Project Drill Program Nearing Commencement

The company is in the final stages of permitting for the Vuzel gold project in Bulgaria. The Company is planning a follow-up drill program on the project, for up to 3,000 metres of exploration drilling. Drilling is anticipated to commence in Q1 2025.

Capital Raising

In October 2024, the company raised AU$10 million through the issuance of 312,500,000 fully paid ordinary shares at an issue price of 3.2 cents per share in a placement. At the end of the quarter, RDN had approximately AU$ 16.38 million in cash.

RDN shares were trading at AU$0.0070 at the time of writing on 13 February 2025.